Gold Prices Reach Record High
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The price of gold surged to a new all-time high of over $2,609 on Friday, driven by increasing demand amid expectations of further interest rate cuts by the US Federal Reserve.
Following the Fed’s recent decision to cut rates for the first time in response to the ongoing pandemic, gold prices soared to $2,609.74 per ounce, underscoring investor confidence in the precious metal as a safe-haven asset.
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Insight
Gold has historically been seen as a reliable store of value during times of economic uncertainty and inflation. The recent record-breaking price surge reflects investors’ concerns about the potential impact of the pandemic on global markets and currencies.
